MADRID: Spain will cut the value-added tax on electricity by half to shield consumers from soaring inflation fuelled by Russia's invasion of Ukraine, Prime Minister Pedro Sanchez said Wednesday.The announcement comes after Sanchez's Socialists were thrashed Sunday in a regional election in Andalusia, a longtime party stronghold.Sanchez told parliament the VAT reduction, from 10 percent to five percent, would be approved at an extraordinary cabinet meeting on Saturday “to continue to protect citizens from the effects of the war.”His government last year slashed the VAT rate on electricity to 10 percent from 21 percent to ease the impact of electricity price rises on consumers.The latest tax c
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